Making a will in my mid twenties.

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I come from a fairly poor background and my family has always struggled financially as far back as I can remember. My parents are now separated and due to a messy split up, things on the financial end are the worst they have ever been. I help out regularly on the financial end and have been very generous over the last few years to my mother as she has suffered the blunt of the financial mess due the separation. I have always worked since if I have been 15 years old and I am fortunate enough to have saved away a few thousand euro's that I don't plan on having any use for in the near future.

I have been thinking a lot lately as crazy as it sounds, of making a will to leave in the event of my death. I am trying to decide if this is a bit of a mad idea considering my age and the fact i'm in very good health, but I would like to know that in such an event, that my monies would be inherited by my family. Now correct me if I am wrong, but in such an event, if I did not have a will, would my monies just sit in an account and go unnoticed until the end of dawn or would my family inherit it regardless??

My other concern is, that my mother is the one I would want to leave the money to the most as she has suffered the blunt of the financial side due to the separation as mentioned, but I am also concerned how that may look under circumstances if I left nothing for my father. I also have to take into consideration that he is at fault for leaving the family in such a financial mess. Putting this aside, would the proper thing to do be to leave equal amounts of money for each person.

Maybe the hole idea is off the wall all together at my age??

What are your opinions??

Regards
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sam34

hi op

if you die without having made a will a certain percentage of your estate goes to the state. afaik, then your next of kin can make a claim for the remainder. so, in that event, your father could end up getting some of it.

however, if you make a will, you decide who gets what. your dad could in theory contest it if you left him out. I'm not sure how to avoid him contesting it, or how a judge would view it. maybe a legal person here could comment on that.

however, if you have money and ideas about what you want done with it, then you should definitely make a will. it's the sensible option

lazygal

It's a very sensible idea. I bought my house in my early 20s and wanted to leave it to my siblings, so I made a will. If I hadn't, it would have gone to my parents in the event of my early death. I also have some shares and other assets and wanted to make sure they were going where I wanted them to go. As I have done Count Me Out I also made clear to my family my wishes regarding a funeral service (bit morbid but life if funny and stuff happens). My family has a few medical issues organ donation has always been discussed so we all had a chat about our wishes in that area. I also have a few personal bequests to various friends.
Having said that, I got married last year so myself and my husband will now be making new wills to reflect our new situation, so wills can and do change over time as you go through life. I've been in a situation where a family member died intestate and even with the smallest of assets things can get very, very messy for those left to sort out the estate.

banie01

Hi OP.
Making a will(In the event you have assets to disburse, or progeny to be cared for)is a sensible and prudent option that in the event of your untimely death will save an awful lot of stress and heartache for your survivors in the aftermath.

Speaking from personal experience, my partner of over 11yrs passed away aged 26 and intestate(Because when you're 26 you think you're gonna live forever ).
Leaving me to sort out the estate, house and a myriad of other things including having to attend court to be granted guardianship and sole custody of our son.
As due to this country's archaic laws re: unmarried parents, despite me being his dad and the only family he had left, I had to be 'granted' the rights of a parent!
Even this was a step that could've been avoided via a will(Or better yet a shared guardianship agreement).
But we were young and marriage was our future so we never considered making wills at the time.(Hindsight is 20/20)

Now, I'm 32, My will is in place 5yrs and if circumstances change I can(and have) revisited it to ensure it covers what needs covering.
I have a son that needs to be looked after should anything happen to me with assets in place to be sure he is looked after financially.
I have guardians nominated(with their knowledge) who will do their utmost to raise him in a loving environment should the worst happen me....
This is all laid out in my will, it allows proper estate planning and provisioning to be made.
If I could offer one piece of advice to everyone, as soon as you gain an asset/savings, have a child, or buy a home....
Make a will, plan for the worst and hope it never happens!
But at least know that you are prepared if it does


PS: @ Sam34, Nompere is correct regarding inheritence tax, there are tresholds for tax free inheritence depending on the relationship between the deceased and inheritor.
The only possibility of the State laying claim to the estate outside of this is in the event the deceased has no living relatives and dies intestate and even then it is a long process before the State can lay claim.
Heres more detailed info on intestacy:

If I die without a will, who will receive my assets?

The rules of intestacy apply when no valid will is available. In general the following will happen. The first things to be paid off are debts (taxes, loans etc) and expenses (commonly funeral related costs).

The assets are then distributed in accordance with your surviving family members:

If you are married and have no offspring, your spouse gets the entire estate
If you are married and have children, the assets are divided into thirds, with two thirds going to your spouse and one third divided between your children, or if they had died, their children
If you are not married but you have children, any living children receive an equal share of your assets. If any your children died before you and had children, their children are to receive their share
If you are survived by your parents, are not married and have no children, your parents will receive your estate, in equal share, assuming they are both alive. One surviving parent will receive the entire estate
OP, This in particular applies to your situation, if you die without a will!
Surviving siblings will receive your share in equal measures, with any offspring thereof entitled to their deceased parent’s portion
If you only have surviving nieces and nephews, they are to receive equal share of your estate
If you die with no known relatives, your estate will go to the state

nompere

sam34 wrote: »

hi op

if you die without having made a will a certain percentage of your estate goes to the state. afaik, then your next of kin can make a claim for the remainder. so, in that event, your father could end up getting some of it.

/QUOTE]

The State only gets part of an estate if beneficiaries inherit more than a threshold. Then it is called inheritance tax. It makes no difference whether that inheritance comes under a will on on an intestacy. The State is not entitled to receive any part of an estate just because someone dies intestate.

I am a friend

Do make a will cos you can make the decision who gets what then.. Bear in mind you may be worth more than you think e.g. death in service payment in work could be up to a years salary...

Its also make it a lot easier for those left behind (trust me) and its just more fair all round.

cynder

I made my first will at 18, I found out I was pregnant took out a life assurance policy and stated that if I died and the baby survived that my mother would be the baby's guardian and the baby would get the life assurance policy of (80,000 pounds). I also allowed for any other children I might have.

I cancelled that will at 25 when I bought a house and had another baby. Haven't got round to making a new will, my husband and myself each know what the other wants but if we both go together there is nothing in writing just a verbal understanding of who gets our 3 kids. We should really write a will. (goes back on the to-do list)


It's quite depressing talking to a solicitor telling them what you want to happen when you die.

Milk & Honey

Anybody, no matter how healthy can come to a sudden and unexpected end. There are a few incidents of young and healthy people dying in Ireland every week. Intestacy rules would mean if you die with no will your parents will inherit the lot. However, if there is one parent alive at the time of death, that parent would inherit the lot. If your mother died and you died a short time after without having made a will everything would go to your father. Making a will means you can provide for various situations in advance. Nobody really cares about how much you leave anyone. It is your choice.

gud4u

You're being very clever and mature. Anyone of us could have a terrible accident at any thime no matter how healthy we are.

You can make a will without too much cost as well. You have to have 2 witnesses that are not recieving anything from it and an executor, but I can be corrected on any of this if needed.

I was also told to make sure your last wishes are not stored with your will, as often you're buried or whatever before they know of it.

As I lost someone very close last year and they knew they were going we chatted about their last wishes in depth and it turned out we would have done it all wrong, so it's nice to know he get what he wanted. But, his will was wrong as that was done in a rush, so it's good to take the time to do one properly where you can, and also leaves no confusion or anyone contesting your estate.

As for your dad, if you die you wont have to worry about what he thinks of what you do/don't leave him.:)

Greystoner

Never too young really to sort out a will!

I lost my brother a short while ago and he was only 30-he left no will, business debts,and had not discussed funeral arrangements atall with anyone. Trust me, it left a HUGE mess which added great stress on top of the bereavement.

Unfortunately accidents can happen, regardless of age so it's always better to be prepared for the worst and if nothing happens to you, then great.

I have since sorted out my own will and also a life assurance policy, and it makes me relax a bit(especially as there are my children to consider). It was always one of those little niggles at the back of my mind of one of those 'things to do', and was so simple to do.

If you have thought about funeral arrangements at any point, make sure someone knows your wishes too. It's no good getting buried in Dublin if you wish to be cremated and scattered at a special place etc. This can also cause a problem for family left behind. Wording on headstones can cause friction too.

Considering loved ones' in the event that you should die is a totally commendable and unselfish thing to do.It could have saved alot of extra grief for my family, and it is only a piece of paper at the end of the day to put your mind at rest. It can be modified over the years if you get married or have kids etc.

Go do it and I think you will find it a reassurance.